On 5 February 2015, it was announced that Senator John McCain and Congressman Trent Franks introduced the Foreign Earnings Reinvestment Act in the U.S. Senate and House of Representatives. The legislation provides for a temporary reduced effective tax rate of 8.75% on accumulated foreign earnings received by a U.S. corporation as dividends from a controlled foreign corporation. A further reduced effective rate of 5.25% may apply with the condition that U.S. corporation's annual payroll increases by at least 10%. However, businesses electing for the benefit would be subject to a penalty of $75,000 per full-time position eliminated if average employment...